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Finding out what’s in it: The cost of complying with Obamacare is forcing insurance companies to abandon many state markets.
In February 2010, a month before passage of the law, Obama explained at a bipartisan health care summit at the Blair House, “What we’ve said is that if you join one of these exchanges, you will have choice and you will have competition. You will have a menu of private insurance options that you’ll be able to purchase.”
Increasing the number of insurance options for individuals was one of the key ways in which Obama claimed the law would be able to drive down insurance costs. But with less than 70 days before the exchanges are set to open, large insurers are pulling out of states as a result of the health care law, resulting in less choice for consumers, not more.
This is exactly what happened in New York in 1992 when the state legislature passed a law with many of the same components as Obamacare. Insurance companies fled the state, and premiums went up.